Worley secures multi-year engineering framework with Kazakhstan’s largest oil project
Worley Limited (ASX: WOR) has been awarded a services framework agreement by Tengizchevroil LLP (TCO) to provide engineering and project support services across TCO’s operational assets in the Republic of Kazakhstan. The Worley Tengizchevroil Kazakhstan Framework Agreement commenced in February 2026 and positions the company to deliver a broad range of technical services to one of Central Asia’s largest oil producers.
The framework agreement establishes a long-term services relationship between Worley and TCO. Under the arrangement, Worley will provide engineering support across all project phases, project and construction support services, and specialised digital and systems services. This multi-disciplinary scope allows Worley to act as an integrated solutions provider rather than a single-service contractor, reducing dependency on any one service line and supporting margin stability across the agreement period.
For investors, the award demonstrates Worley’s ability to secure recurring services revenue from major international oil and gas operators. Framework agreements of this nature provide earnings visibility without requiring repeated competitive tendering, lowering business development costs and supporting predictable revenue streams over the agreement term.
Scope of services under the TCO framework
The Worley Tengizchevroil Kazakhstan Framework Agreement covers three primary service categories:
- Engineering across all project phases
- Project and construction support
- Specialised digital and systems services
This breadth of services positions Worley to support TCO’s operations from initial engineering through to construction execution and ongoing digital optimisation. The inclusion of digital and systems services reflects the growing role of technology integration in operational energy assets, adding a higher-value component to Worley’s traditional engineering and project management capabilities.
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What is a framework agreement and why it matters for engineering services companies
Framework agreements establish pre-negotiated terms for future work orders rather than defining a fixed scope of work upfront. They provide the client with a reliable supplier and the contractor with predictable access to projects over the agreement period. Unlike traditional fixed-scope contracts, frameworks do not guarantee a specific revenue amount but instead create a pathway for the client to issue work orders as needs arise, based on agreed rates and terms.
For investors, frameworks signal client confidence in the contractor’s capabilities and offer earnings visibility without the uncertainty of project-by-project bidding. They reduce the cost of business development, as Worley does not need to compete for each individual work package during the framework period. Instead, the company can focus resources on delivery rather than tendering.
Framework agreements also support customer retention. By embedding Worley within TCO’s operational decision-making processes, the arrangement increases the likelihood of future contract renewals and positions the company for additional scopes as TCO’s requirements evolve.
Worley’s global-local delivery model supports Kazakhstan operations
The Worley Tengizchevroil Kazakhstan Framework Agreement reflects the company’s strategy of combining in-country execution with global delivery capability. This hybrid model allows Worley to maintain close client relationships and on-the-ground project oversight whilst leveraging lower-cost delivery centres for detailed engineering and technical support. The approach supports margin management by optimising labour costs without sacrificing service quality or responsiveness.
Chris Ashton, Chief Executive Officer, Worley
“We are pleased to continue supporting Tengizchevroil through this long-term framework agreement. This award reflects our ability to combine strong in-country execution with global delivery capability, while supporting our customer’s operational reliability and long-term value objectives.”
This global-local model is central to Worley’s ability to compete for and deliver services across geographically dispersed energy assets. It allows the company to serve clients in regions such as Central Asia whilst maintaining cost competitiveness against local and international competitors.
About Tengizchevroil and the Tengiz field
Tengizchevroil LLP operates the Tengiz field, one of the world’s largest oil fields and a major production asset in Kazakhstan. TCO is a joint venture between international oil companies and represents a significant operator in the global energy market. Working with an operator of this scale validates Worley’s technical credentials and opens pathways to further work in the Central Asian energy sector.
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Investment outlook
The Worley Tengizchevroil Kazakhstan Framework Agreement commenced in February 2026 and supports Worley’s strategy of securing long-term services work with major energy operators. Framework agreements of this nature contribute to Worley’s recurring revenue base and demonstrate the company’s client retention capability in the hydrocarbons segment.
The agreement reflects continued demand for engineering and project support services across operational energy assets, even as the global energy mix shifts towards lower-carbon sources. For Worley, maintaining a services presence in large-scale conventional energy projects provides cash flow stability whilst the company builds its position in energy transition markets.
Investors should note that whilst the framework is described as long-term, the announcement does not disclose a specific contract duration or guaranteed revenue value. Framework agreements provide access to future work orders rather than fixed revenue commitments.
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